Dr Ali Ugur, chief economist with Banking and Payments Federation Ireland, has confirmed that banks are looking at extending the loan repayment breaks past their initial three months.
Speaking on Morning Ireland, he said there has been significant progress achieved in trying to widen the payment break and he believes "they are very close to it". "We have done a significant amount of work by introducing the first payment break in a way for mortgage holders and SME customers.
We recognise it has been an ongoing issue for a lot of people," the economist said. The scheme has already seen a huge uptake when it was announced in mid-March to help households and firms impacted by the Covid-19 crisis.